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Tax Saving- Compare top 10 tax saving instruments in India under section 80C
Taxation forms an important part of our overall contribution towards our saving corpus and any financial planning is incomplete without it. This is obviously so given the fact that as investors, we all wish to avoid being overtaxed. Following is a list of the 10 ideal tax saving instruments in India, which come under the purview of Section 80C:
- ELSS (Equity Liked Savings Scheme): An ELSS comes with a lock in period of three years and is considered to be one of the best instruments for saving taxes in India. Under Section 80C, the contribution towards an ELSS is eligible for tax exemption (with an upper capping of Rs. 1.5 Lac in the particular financial year).
- EPF (Employees Provident Fund): EPF is a provisional annuity-driven instrument under which, equal contributions to EPF by the employer and the employee are mandated. All such contributions are eligible for deduction under Section 80C.
- PPF (Public Provident Fund): PPF is a traditional return-based scheme with focus on annuity and all contributions to the PPF made by individuals (excluding Hindu Undivided Families or HUFs) are eligible for deduction under Section 80C.
- SCSS (Senior Citizens Savings Scheme): For investments towards SCSS, tax exemption is admissible. Under Section 80C, the contribution towards an SCSS is eligible for tax exemption (with an upper capping of Rs. 1.5 Lac in the particular financial year).
- NPS (National Pension Scheme): NPS is a government-backed annuity-product that acts as a retirement support for employees of all sectors. Under Section 80C, the contribution towards NPS is eligible for tax exemption (with an upper capping of Rs. 1.5 Lac in the particular financial year).
- Unit linked insurance plans (ULIPs): ULIPs are market-related instruments and Under Section 80C, the contribution towards a ULIP is eligible for tax exemption (with an upper capping of Rs. 1.5 Lac in the particular financial year).
- NSC (National Savings Certificate): Under Section 80C, the contribution towards NSC is eligible for tax exemption (with an upper capping of Rs. 1.5 Lac in the particular financial year).
- Post Office savings schemes: Section 80C also covers the taxation for various Post Office savings scheme and exemptions are covered therein. Starting from the year, contributions towards Post Office savings schemes have been brought under the purview of Section 80C.
- Life insurance premiums: All the premiums that a policy holder pays towards a Life insurance plan are duly covered under Section 80C.
- In addition to the above, exemptions on contributions to Sukanya Samriddhi Yojana are also covered under Section 80C.
HDFC Life offers various saving and investment schemes that are aimed at ensuring that your funds grow and hence, for securing your financial health. For details, click on the mentioned link: https://www.hdfclife.com/savings-plans .
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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HDFC Life
Reviewed by Life Insurance Experts
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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
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